Self-serve underinsurance insights for your clients from Aviva

Authored by Aviva

Underinsurance can have a devastating impact on businesses. If Sum Insured or Indemnity Periods are set incorrectly, this can lead to financial vulnerability, especially for large loss claims. 10% of SMEs admit that they wouldn’t survive if they had to pay up to £10,000 towards a claim.

With the risk of underinsurance being compounded by global events, ongoing impacts of Brexit and Covid-19 and rising inflation, policies should be reviewed more regularly to make sure limits are set correctly. During such a period of volatility, indexation may have little to no effect if the limit was set incorrectly at day one.

We know you need help to identify and support those clients who may be at risk, which is why we’ve added a new way for you to access personalised underinsurance insights for your Commercial clients.

Self-serve new underinsurance insights via e-Documents

Launching on 20 June 2023 (for renewals effective from 18 July), you can access a new personalised underinsurance report for your clients.

Found in the Renewals folder in e-Documents, here’s how the report can help you:

• Identify underinsurance for up to 15 premises, for any one client – we’ll list each address that we believe to be at risk.
• Recommended Sum Insured limits per premises – where we have enough data available to us to develop a complete picture, we’ll provide a recommended Sum Insured limit that we believe to be adequate.
• Provide access to our specialist partners – for those clients where we don’t have enough data to confidently recommend a Sum Insured limit, we’ll provide access to our Specialist Partners who provide expert valuation services, at preferential rates, to help your client understand the level of cover required to protect their business. 

The report has been designed so you can share it directly with your client to support your conversations around their level of cover, helping them to make an informed decision.

You can view an example of the new report here. 

Additional underinsurance support

This new document complements a wealth of existing support available to you to help tackle the increasing risk of underinsurance. From instantly flagging inadequate Sum Insured limits in the quote journey on Fast Trade for digital Property Owners business, to our network of underwriters who can provide insights at new business, renewal or at any time across your portfolio for regionally traded Commercial policies.

Automatic quotes for Specialty Lines on the move

To support your cross-sell ambitions and to help identify potential gaps in cover, we can provide automatic quotes for Specialty Lines without needing to ask your client any additional questions.

They're currently available for Cyber, Management Liability, Group Personal Accident (GPA), Legal Expenses, Transit, Business Travel and where possible, Private Medical Insurance, these automatic quotations are available via e-Documents – and now they’ve got a new home.

To allow you to access more client insights in one place, these cross-sell opportunities will be available in the ‘Renewals’ folder in e-Documents from 20 June, for renewals effective 18 July.

We're here for you

For more support on underinsurance, as well as other challenges like supply chain, cost of living and recruitment and retention, visit our dedicated page.

Find out more